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Home > Prudential Regulation Authority > Waivers and modifications by consent
 

Waivers and modifications by consent

The PRA may offer a general waiver to firms. These are referred to as waivers by consent under section 138A of the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) (FSMA).

A waiver by consent may be offered in exceptional circumstances where the PRA considers that a waiver should apply to a number of firms, for example, where an unmodified rule may not meet the circumstances of a particular category of firm. In these cases the PRA will inform the firms concerned that the waiver is available either by contacting them individually or by publishing details of the availability of the waiver on its website.

To take advantage of any of the waivers by consent listed below, a firm must email PRA-Waivers@bankofengland.co.uk, or write to the PRA Authorisations Team at the address below, stating its agreement to comply with any conditions included within the Waiver Direction.

PRA Authorisations - Authorisations Division
Prudential Regulation Authority
20 Moorgate
London EC2R 6DA

Available waivers and modifications by consent

The table below lists the available waivers and modifications by consent.

​SUP

​ Modification by Consent of SUP 16.12.5R (Note 5); SUP 16.12.11BR (Note 3); SUP 16.12.15BR (Note 3);  SUP 16.12.22CR (Note 3); and SUP 16.12.25CR (Note 3)
Available to firms with an internal model approach (IMA) Permission.

Direction for Modification by Consent of SUP

PRA Rulebook Non-Solvency II firms - Senior Insurance Management Functions Modification by Consent of Non-Solvency II Firms - Senior Insurance Management Functions 1.1 & 1.2
Available to insurance undertakings authorised by the PRA, that the PRA has identified to be 'dormant insolvents'.
​PRA Rulebook: CRR Firms – Leverage Ratio, Public Disclosure & Reporting Leverage Ratio

Variation to Previous Modifications by Consent to Leverage Ratio rule 1.2, Public Disclosure rule 1.1 and Reporting Leverage Ratio rule 1.2
Available to any firm that was granted the original rule modifications, which includes all firms currently subject to the UK leverage regime.

Direction for variation to Previous Modifications by Consent to Leverage Ratio rule 1.2, Public Disclosure rule 1.1 and Reporting Leverage Ratio rule 1.2

For reference - the original Modification by Consent is available below.

Modification by Consent of CRR Firms – Leverage Ratio rule 1.2, Public Disclosure rule 1.1 and Reporting Leverage Ratio rule 1.2

​Waiver by consent of Continuity of Access rules Waiver by consent of Continuity of Access rules
 Direction for waiver by consent of Continuity of Access rules
PRA Rulebook:
Solvency II firms – Reporting rules for National Specific
Templates (NST)
Modification by Consent of Solvency II Reporting Rules for National Specific Templates

Available to Solvency II firms that have a financial year ending on or after 30 June 2016 and before 19 December 2016.
Direction for Modification by Consent of PRA Rulebook Solvency II Transitional Measures 3.1.
 Modification by consent of regulatory reporting rules Modification by consent of regulatory reporting rules
Direction for modification by consent of regulatory reporting rules

 

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